Bank of Maldives (BML) has reported a record net profit of USD 125.2 million for the first nine months of 2026, marking the most successful nine-month period in the bank’s history.
The bank announced the results in its financial report for the third quarter of 2026, covering the nine months ended 30 September.
According to the report, BML recorded a net profit after tax of USD 125.2 million during the first nine months of the year, a 26 per cent increase from USD 99.2 million recorded during the same period in 2025. The bank described the results as its strongest ever for a nine-month period.
BML’s net profit for the third quarter alone reached USD 42 million, up 36 per cent from USD 30.8 million in the third quarter of 2025. During the quarter, the bank generated USD 56.7 million in net interest income and USD 24.5 million in non-interest income.
The bank also strengthened its capital position during the third quarter. At the end of September, its capital adequacy ratio stood at 38 per cent, more than three times the regulatory minimum requirement of 12 per cent.
“2026 is shaping up to be the most successful year in the bank’s history. With our capital and liquidity positions remaining strong, the trust our customers place in us continues to drive growth in our balance sheet,” BML Chief Executive Officer and Managing Director Mohamed Shareef said, commenting on the third-quarter results.
According to the report, customer deposits increased to USD 2.75 billion, up 14 per cent from USD 2.41 billion at the end of 2025.
BML also recorded a new lending milestone during the first nine months of the year. The total value of newly issued loans reached USD 785 million, exceeding the total amount of loans issued throughout 2025.
The bank’s financial report further showed that remittances sent abroad from the Maldives totalled USD 2.86 billion during the first nine months of 2026, through more than 373,600 transactions.
During the same period, BML sold foreign currency equivalent to USD 721.1 million to customers in exchange for Maldivian rufiyaa, approaching the USD 733.8 million recorded for the whole of 2025. The bank sold an average of USD 80.2 million in foreign currency per month, 31 per cent higher than the monthly average in 2025.
BML attributed its financial performance to increased lending to key sectors of the economy, growth in its deposit base and higher digital transaction volumes.
The bank reported a cost-to-income ratio of 28 per cent, which it described as one of the most efficient levels in the region. Its return on equity stood at 14 per cent.
BML said the results were particularly encouraging given the challenges facing the Maldivian economy amid the conflict in the Middle East and changing global geopolitical conditions.